There are known in the prior art automatic endorsers which operate at a high rate of speed to print an endorsement on negotiable instruments such as checks. These devices not only apply the endorsement to the checks but also count the number of documents which pass through the device. They are provided with a means for moving an endorser module between operative and inoperative positions so that the device can be used as a combination counter and endorser or merely as a counter. Devices of this type in the prior art are constructed and arranged to apply the endorsement to the back of the instrument at one fixed location along the length thereof.
Recently, in order to expedite the handling of checks, the federal authorities have promulgated regulations which define the locations of various endorsements on the back of a check. These regulations specify that the payee endorsement be applied to the check within a predetermined space from one end of the check. The spaces in which the endorsements of other financial institutions are to appear are defined with reference to the other end of the check. A variable size space between the (#2) depository area and the (#1) payee area accounts for checks of different size.
While automatic endorsers of the type described hereinabove operate satisfactorily in applying the endorsement to one particular fixed location on the back of a check, this location cannot readily be changed. Thus, endorsers of the prior art are not sufficiently flexible to accommodate the newly promulgated regulation.